From the Bank of Canada's steady hand to a surge in housing starts and Ottawa's new financial crime-fighting agency — here are the five money stories every Canadian should have on their radar this morning. 1 Bank of Canada Rate Holds at 2.25% — Next Decision June 10 The Bank of Canada kept its overnight rate at 2.25% on April 29 and has signalled it intends to stay put for now. Governing Council is keeping a close eye on Middle East conflict spillover into energy prices, ongoing U.S. tariff uncertainty, and whether inflation — currently hovering just above the 2% target — becomes entrenched. Bond markets are currently pricing in roughly an 18% chance of a 25-basis-point cut by the July 15 announcement, making a move at the June 10 meeting unlikely. 💡 What it means for you: Variable-rate mortgage and HELOC holders can exhale — no surprise hikes on the horizon. But don't expect big rate relief either; the "lower-for-longer" window appears to be closing. 2 Mortgage...
Common Credit Card Mistakes
Here are some common credit card mistakes that even high-credit score mavens make:
1. Carrying a balance: Carrying a balance on your credit card can lead to high-interest charges and negatively impact your credit score 1.
2. Using most or all of your credit limit: Using most or all of your credit limit can increase your credit utilization ratio, which can negatively impact your credit score 1.
3. Taking cash advances: Cash advances usually come with high fees and interest rates, making them an expensive way to borrow money 1.
4. Making late payments: Late payments can lead to late fees, increased interest rates, and negatively impact your credit score 1.
5. Chasing rewards: Chasing rewards can lead to overspending and carrying a balance on your credit card, which can negatively impact your credit score 1.
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